B
ucks County home sellers are in a prime position to capitalize on the county's thriving real estate market. According to Frank Blumenthal, president of the Bucks County Association of Realtors, "Bucks County is really outperforming the market in a big way." The median sold price for residential properties in March was $467,000, up 1.5% from February and 3.1% from last year's same time period.

    A total of 370 homes were sold across Bucks County in March, while pending sales jumped by over 35% to 790. Blumenthal attributes this surge to some financial advisors encouraging clients to invest in real estate due to economic uncertainty. "Real estate is a great investment for the long term," he said.

    With prices at an all-time high, now may be the best time for sellers to put their properties on the market. There were 616 new listings in March, and the average time on the market for listings is 37 days, up from last year's 28 days. Blumenthal suggests that his sellers rent before buying their next property to avoid competitive bidding situations.

    For buyers, however, the market can be challenging, especially with prices for new construction soaring and bidding wars remaining common. Blumenthal advises younger buyers to consider older listings and those who are planning to stay in a home long-term may want to explore adjustable rate mortgages in hopes of lower mortgage rates in the future.

    The recent jump in 30-year fixed-rate mortgages to 6.83% may also impact the market, although this figure does not include fees or points. Despite these factors, Blumenthal remains optimistic about the county's real estate market and its potential for growth.